"It’s interesting that what I’m arguing for looks more like the Canadian system than the American system. When we delivered this report in a press conference, people said, 'Oh you mean, banks won’t be able to have hedge funds? What are you talking about?' That same day, Citigroup announced, 'We want to get rid of all that stuff. We now realize it was a mistake. We want to go back to our roots and be a real commercial bank.' I don’t know whether they’ll do that or not. But the fact that one of the leading proponents of the other system basically said, 'We give up. It’s not the right system,' is interesting."
The National Post prints Paul Volker's speech in Toronto about the origins of the financial crisis.
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